Columnist Kenneth R Harney spins the US real estate market:
With the daily bad news about the state of the housing market, it’s easy to lose sight of some larger economic realities: Despite declining prices in many markets, homeowners still control near-record equity holdings, just under $11 trillion …
… Prices are off — 4.4 percent on average among 20 major markets covered by the latest Standard & Poor’s/Case-Shiller home price index.
But where prices more than doubled, as they did in 33 metropolitan markets between 2001 and 2006, according to federal estimates, even 10 percent and larger average price drops in once-booming areas of California and Florida have left owners with most of their paper gains intact …
… For the vast majority of owners, even in the formerly highest-flying areas, the giveback has been a modest fraction of the price gains of the previous five years.
Source: Bits of Bad News Obscure A Big Truth About Wealth – By Kenneth R. Harney, The Washington Post
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Updated: 1st Q 2018
